Gold Coast Bank debuting in Farmingdale

Islandia-based Gold Coast Bank has obtained the necessary approvals to open a branch in Farmingdale, its fourth in the town of Babylon.

The four-year-old bank said the New York State Department of Financial Services and the Federal Deposit Insurance Corp. granted it the right to open on Allen Boulevard in Farmingdale.

Gold Coast plans to open in Farmingdale the week of April 23 and have a grand opening celebration a month later. It also operates branches in Huntington and Setauket.

“Gold Coast Bank has been especially active in extending loans, in part because it doesn’t have a portfolio of troubled loans some other banks are continually burdened with today,” CEO Joseph G. Perri said.

The bank, founded in March 2008, has grown to $160 million in assets, specializing in services for business owners, professionals and high-net worth individuals.